Christian Clausen, group chief executive of Nordea and president of the board of the European Banking Federation has called for reform of Cibor, the interbank lending rate used by Danish banks.
Dennis Cooper and Varun Zaiwalla, part of the litigation department at Zaiwalla & Co. Solicitors, warn that a recent court ruling in the UK suggests errant Libor traders will walk away from their jobs with full payment in lieu.
While most of his compatriots celebrate US Independence Day, Bob Diamond will be setting off his own fireworks in front of the UK Treasury Select Committee, which has summoned him to account for Barclays’ role in fixing the Libor rate on various occasions between 2005 and 2008.
UK bank Barclays’ submission of a memo to the UK parliamentary Treasury Select Committee has revealed how Bank of England officials advised the bank on Libor.
Evidence that Barclays attempted to manipulate the fixing price of the benchmark Libor and Euribor interbank lending rates could result in tens of billions of dollars in fines and penalties across the dealer community.